America's growing retirement problem

The majority of Americans have less than $1,000 in savings, while others have nothing saved. Sharon Epperson takes a deeper look at the savings problem.

[@CarlosMartinez-fv7dk]

I graduated from community college in 1978, when I was hired by GE the HR rep told me during orientation "Start thinking about retirement today" Hence I enrolled in my 401K, I was 21 . My mother taught me if you don't have it don't spend it. I have taught me kids the same thing, both finished college (state schools), both worked during college and today they have no college debt and can do whatever they want. I feel people today are not taught the importance of saving and self control. I am looking forward to my retirement but enjoy working very much, so I can take my time.

[@rickforse8518]

This guy is 49 years old and still has a student loan he's paying off?

[@deirdre581]

For a graduate school degree that apparently didn’t result in a well paying job

[@Smokeless1167]

Because he was a dumbfuck

[@georgegarner1425]

It’s called payday loans at a higher level

[@dc76384]

He's obviously made some poor choices. Working as a manager in a second hand store, doesnt speak very well to somebody who is so highly educated.

[@oldgoat1890]

I had some bad patches, wiped out once, but always had a plan. 49 years old and "Not saving right now"? Barring any bad things happening, by age 30 you should be packing it away.

[@ehderguyyashootadeerorno2313]

IF YOUR EMPLOYER DOESNT OFFER 401K, you can always open an IRA on your own and contribute to that. They are quick and easy to open.

[@videomaniac108]

I work as a security guard and live in the SF Bay area. By living frugally over the last couple of decades, I've been able to accumulate about $200K for retirement. I'm 66 now and plan to work until I'm 70, when I'll start drawing about $1800/mon in SS retirement. Since I'm in very good health and have longevity in my genetics, I plan to work a few more years after that and bank my SS retirement into savings. My goal, when I'm in my early 70s, is to retire with about a $300K to $400K retirement fund to augment my SS benefits. I have VA Healthcare and so I don't have to shell out for health insurance premiums. I'll tighten my belt a little more after I quit work and expect to only have to take minimal withdrawals from savings to maintain my lifestyle. No wife, kids or girlfriend means that I can afford to spend far less than I make. I'm not saying that everybody should do as I did but I think this is a good example of how we can do okay if we take care of ourselves and not rely on others.

[@Juan_Hernandez_Jr.]

Good for you. There's no excuse for anyone not to have savings. You did it by living frugally. Most people refuse to do that. And that's why they'll work until they're 100, if they're still healthy ;)

[@rcas350pilot8]

@@Juan_Hernandez_Jr. Work til 100?? Many will be dead before they reach 70. Read the obits and just look around you.

[@Claudio_Santos_1974]

@@Juan_Hernandez_Jr. I can think of some very good excuses that would screw up your logic, like unexpected medical bills, unexpected unemployment, investments that might bring losses, businesses that might go bankrupt, the loss of your means to work due to a robbery or natural disaster, just to stick with a few.

[@gordonallen9095]

Claudio Santos Almost everyone has unforeseen threats in retirement. That's no excuse not to save as much as possible. At least he HAS a plan and savings. Most people don't have either.

[@annjean8709]

Jim, you are an inspiration and a very wise man. Thank you for sharing.

[@joseperez1085]

60 k in debt graduate school but working in closing store? I wonder what his degree is in?

[@joka6724]

But I wonder what those other bills are, from what he said he should have 1.5k without the bills

[@callumsmith338]

As an Australian, I’m scared for the US. Why are you all okay with everything being privately owned? Your medical system is run for profit, your education is as well. Australian education isn’t perfect, but at least it doesn’t send us broke, basically the government pays for the degree and we pay it back at inflation rates, basically no profit is made

[@pgppe9488]

Thanks for your advice.

[@bernie9728]

For me, my plan was simple. Put some money in the bank from every paycheck. Second don't spend money on stupid stuff like rent, alcohol, recreational drugs and college. Now I am sure that last one will raise some eyebrows. I get that some careers require a college degree. A college degree should always be a means to en end. Start with what job you want and work backwards. When I graduated from High School many of my friends went to college and began building debt. I went to work and began building wealth. At age 19 I met the love of my life. At age 20 I purchased my first house. At age 21 I got married. For those who might wonder, yes we are still married 45 years and counting. At age 28 we purchased our second house. At age 62 I retired debt free. For those who don't think you can live on Social Security alone I'm coming up on 5 years retired and we have yet to dip into our savings. Well that's not entirely true. When I retired we did buy a new Pickup Truck and Travel Trailer for our retirement fun. Paid cash for both. Not bad for some dumb ass that never went to college.

[@mommyheather1490]

Waw great idea,love your thinking man,where you from?

[@GBU61]

You should teach a class on common sense! Absolutely killed it! If you have children I bet they are all financially way ahead of the game. Too bad you are rare in today’s world.

[@jorgeaparicio3965]

Gather as many pensions as you can!

[@benden5095]

Sick of them saying personal finance is not taught in schools. Why the hell don't we teach it? It's more important than half the useless garbage I learned in college.

[@lisac4250]

I am always surprised by all the student debt many people carry, but they are not even close to working in the field they went to school for. I know the job market can be brutal, but it seems odd.

[@pamelad6774]

The predominant cryptocurrency btc hits $100k by Dec. Start buying cryptocurrencies and have more financial progress.

[@SusanElliottZen]

Hello everyone, Would you like to retire comfortably on only $700 a month? In this video I'm going to tell you how. I am suggesting that Americans can retire in Egypt on only $700 a month. For many of us, myself included, we cant afford housing, food, and health care on a fixed income of only $700 a month. Many people at this income level live in our cars, in a tent, rent a room with friends or family or stay in a shelter. I arrived in Egypt a year ago, I have been living on $700 a month since then. I am also able to save $100 a month at that level. I rent a 2 bedroom apartment with air conditioning for only $218 a month. I eat 3 meals at home every day for $10. When will America address our homeless problems, or housing affordability issues? Not anytime soon would be my guess. Here in Luxor Egypt the cost of living is so low that you can live a middle class life on a minimum of $700 a month. Luxor is a tourist town and many people speak enough English to get your needs met. There are 15 ancient Egyptian sites in and around Luxor, and many more through out Egypt. Luxor has a beautiful mile long tiled river walk with seating, restaurants, shops and a harbor. We will help you with your travel plans, on the ground transportation from the airport, getting an apartment, or buying a house, and arranging tours for you. Your first week your welcome to be our guest while we secure you housing. We can help you to learn the Arabic language. If your in need of some light care, such as grocery, meal or medication delivery, getting around with a helper, even dressing and bathing help if needed. Egypt is not wheelchair friendly. Also don't try to work here, unless you have a remote job you can continue from your PC. For example my landlord is a banker, but she only makes $500 a month. If your considering retiring in Egypt, allow 6 weeks to get a new passport. I am Zen from Alaska. I want to help Americans on a fixed income retire in Egypt on only $700 a month. I made this move with no help, and I want to use what I have learned in the past year to help you. Please leave a comment if you have questions about our program. Stay tuned for more videos on this topic. kzbin.info/www/bejne/ipzUlKaehdllpqM

[@goyneser1]

Appreciate the Transparency.

[@jorgeaparicio3965]

As we enter 2020, the handful of jobs that still offer pensions are state and government. The easiest to get are supermarkets. Stater Bros. and Ralph's are 2 good examples. Work 5 years minimum and get that pension!

[@Smokeless1167]

No taxpayer should be funding any pension. Get rid of all pensions.

[@balkanblackpillvideosandmo8456]

Look at Europe

[@Isabella..hiogbo]

It too bad many people still fall into these pension scams, I personally choose passive income to avoid pension at old age, but isn't still to late to choose the passive rather than the active income.

[@kasperjammy374]

I totally agree with you, passive income anytime, because you can comfortably earn money on digital assets.

[@ferdinandw.8038]

I started investing in digital assets and it has been quite profitable.

[@bigson2412]

Digital assets that would make the headlines by year's end. 1. Dodge coin 2. Bitcoin 3. Etherum 4. Tesla

[@hiltonmike1822]

It's really been a frustrating end for me so far. I keep trying my best every morning to make good money for myself, now seem impossible for me at all point, I feel maybe some are destined to be rich while some aren't😞

[@robiewillie7407]

I really struggle Making it in the digital markets because I don't have a proper background

[@marcaliventialiventi765]

People forget one thing. Today's living is a lot more expensive. Phone bill in the 70s and 80s was 40 bucks a month. No cable TV in the 70s, there's at least 250bucks a month.

[@debbieframpton3857]

My daughter and I share a cell phone plan through Walmart called Total Wireless cost $64 for two smartphones I don't have cable I dropped that several years ago I pay $20 a month for the internet I decided years ago I'd rather have some money in the bank then more stuff quit my job two years ago and I'm doing fine

[@davewebbtheauthor]

@@debbieframpton3857 May I ask what Internet provider you use? That's a great price. For my phone I use tracfone and it costs me less than $20 a month, mostly because I just talk and text with it and that's all.

[@debbieframpton3857]

@@davewebbtheauthor , Right now my internet is through Comcast I paid $20 a month for a one-year plan that expires August 4th so I have to call back at the end of this month and see if I can get it renewed for that amount otherwise I think it goes to $30. My daughter and I have our cell phone through total Wireless we pay $64 for the both of us a month. If Comcast won't give me the $20 plan back I will probably cancel I don't watch TV and my phone gives me enough internet

[@davewebbtheauthor]

@@debbieframpton3857 Thanks. I used to do that but eventually had to pay the full price -- $69.99 or higher.

[@debbieframpton3857]

@@davewebbtheauthor , I was paying $53.99 for Comcast internet so a neighbor told me about the $20 plan and that is with them taking it out automatically from whatever account you set it up with

[@esonon5210]

Why did he get a masters if he's working at a retail store?

[@AncientShadow]

likely a generic MBA

[@esonon5210]

@@AncientShadow I wish people were smarter when making big decisions like this

[@joedirte716]

College is useless

[@esonon5210]

@@joedirte716 disagree but to each its own

[@joedirte716]

@@esonon5210 unemployed and in mountains of debt. Sure not useless, expensive to be am unemployed loser

[@HodgeChris]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[@NicholasHarmon-ow3jl]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

[@PatrickFitzgerald-cx6io]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@KaurKhangura]

How can I reach this person?

[@PatrickFitzgerald-cx6io]

‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@KaurKhangura]

I checked Aileen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.

[@leschurchill804]

At 49 and he still is probably not working at what he went to school for, thus the student tuition was a waste of money, overall. I know this video is several years old, but it still represents the average person. People were drowning before the pandemic. It would be nice if they did a follow-up on what this guy is doing now, post recession-now; into pandemic era. There are many people working in positions who are highly educated. I know, I used to work with someone who had a college degree; but was doing secretarial work and starting his job at age 48, and is still working at doing the same job at age 72. He is very critical of people, but will not move on in his own life. I saved, and retired, and I was made fun of by many people. 1/3/2020 was my last day to work before entering retirement. My former co-worker is still there working. Still complaining that he cannot retire, but never made the effort to get a better job with his advanced education. Ms. L. Churchill

[@markwhittaker6866]

Congratulations on your retirement. Enjoy it to the max.

[@Peace-ju9us]

I worked as much overtime I could, paid off my home, saved and am retired with SS, and 2 pensions, and savings...people are lazy...you start working in kindergarten all the way through college BEFORE you get a job...no sympathy from me...

[@kngston20]

I cannot judge this guy, but he needs to make smarter choices and look for multiple streams of income like his life depended on it and before his body starts to break down.

[@azteca6695]

It's covid-19 year......I wonder how hard covid-19 has hit us

[@VoxBox1]

This is just another shaming video, that ignores systemic ecomonic slavery.

[@xJayhawkFANx]

Explain how there is economic slavery please.

[@sammaier4485]

Bruh you went to college to work retail you could have just done it for free lmao.

[@bluegillmich]

That and no one wants to work in a factory, " they will stifle my creativity",, Glad i have a company pension, 401k match, not all companies do that i know..

[@Juan_Hernandez_Jr.]

I don't feel a bit of pity for these people. Many people complain about the economy, while there are others getting rich in this "bad economy". These people need to get off their "high horses", and start living frugally, so they can save, and don't have to work until they turn into dust. You don't even need to go to college to get an education on economics. Instead of watching cat videos, what people like Warren Buffet, Charlie Munger, Ray Dalio, Tony Robbins, Jaspret Singh and various others that are here on KZbin.

[@bvaldes3703]

You live on the clouds if you think everybody might get to be Warren Buffet of something near to him. The issue is people work and can work harder but bills get higher and higher as well as prices while the average wage stays the same.

[@joka6724]

@@bvaldes3703 it doesn't really invalidate his point, the goal is not to become Warren Buffet but to get (stay) in the middle to upper middle class. 42 thousand a year seems pretty right to me

[@hermanrogers1325]

Yep that’s right you have to save for retirement and also you have to be debt free when you retire that was my plan and I am living it right now in 2021 my mortgage is payed off 3 years ago credit card debt payed off 7 years ago and car payment payed off 4 years ago and I need another car but I will not buy it I am retired with just under 5 grand a month and loving it

[@claudiamariebermudez6727]

Im in the same boat 🙁🙁🙁

[@dutchymcsmokeyton2582]

california's response to this issue: "healthy younger people in the work force should totally only have to work like 32 hours a week, but they totally deserve 40 hour paychecks cause like they are super special and strong and empowered, but also totally frail and we need hours for safe space time too. matter of fact, should nt people get an income just because they are special?"

[@papyrinez7883]

venturing into the trading world without a professional trader and expecting profits is like turning water into wine..lol, you would need a miracle, that why i trade with Mrs Cynthia Moran,her skill is exceptional.

[@dulianekems8129]

wow this is wonderful,its really a great thing to see others who trade with Mrs Moran,i am currently on my 5th trade with her and my portfolio has increased tremendously

[@maggieskelter6833]

I invest with Mrs cynthia moran she charges a 20% remuneration on profit made after every trading session which is fair compare to the effort she put in to make huge profit

[@richardheart3422]

Wow i'm happy to have come across Mrs Moran on telegram she's indeed a professional broker

[@lexmoskovski4694]

Please how can I reach this Mrs Cynthia Moran, I've heard alot about her and i've already lost enough of money trading for myself.

[@papyrinez7883]

@@lexmoskovski4694 you can message Mrs Cynthia moran on teIegramm with her username @investwithmoran

[@MUNCheeTz420]

I thought some of their taxes went to their retirement?

[@bernaclischurchill4463]

This report is old, and he could not pay his bills when NY was a 'cheap' to live. What is he doing now, when the average rent is $3000 for starters. They should do a followup on him now in 2022/23. Ms. B. Churchill

[@bmw803]

Just as Dave Ramsey put it. 580 / month average car payment. YOU FOOLS!!!!! Should have put that money in a IRA or some kind of investment. From age 30 to 70 that's over 5 Mil. Hope you enjoy the car.

[@wolfpackflt670]

Well I have a Roth IRA and the max I can put in is $500/month or 6k/year but of course your comment still "drives the point home".

[@vivalacarlo]

@@wolfpackflt670 yes, people should at least nax out their roth iras and other accounts at the very minimum. People keep complaining about not having enough salary but if he bought a slight used car he'd be in better shape. Thank god for youtube teaching others to how to be financially stable lol

[@joka6724]

I have a hard time understanding how 42 000 can't be enough, and in what world 1.5k after the bills is not enough

[@pubmeatman]

The first guy said he “didn’t realize he wasn’t saving for retirement” until he was 39? No, he didn’t want to live below his means to insure his future. I have absolutely no sympathy for him.

[@dennispatterson4998]

gotta have a plan- if not your plan is to fail.

[@0theredqueen0]

Wages have been stagnant while housing and everything else has increased to unbearable levels. Corporations make record profits, but fight increasing salaries. This is a failure of capitalism unchecked. STOP BLAMING people for wanting a life. People aren’t evil for wanting time to go out with friends or get away. And I know plenty of people who can’t afford to have a life or save for retirement. This displays the shows obvious bias towards not discussing the real issues caused by a capitalist-ill society.

[@daybidhouston5209]

Liz C Very well said! Sometimes I ask my self what's the point of living if this world only wants me for labor. Literally working hard in a game of never ending catching up. Both my parents & even grand parents never had the mental nor physical comfort, of secured retirement. So how do you think this mentally fucks with me and other people in the same situation? Every day battle of Trying to keep the victim mentality away, but forced to see life for what it is. Decrease in the value of U.S dollar & no social security in the coming future.

[@dc76384]

Wages are stagnant for those who have no MARKETABLE JOB SKILLS.

[@oldgoat1890]

"Housing and everything else has increased to unbearable levels". I lived through some bad years. I bought a house with a 10 1/2% mortgage and felt lucky. My neighbors were at 18%(Pretty common)on theirs. Gas prices were through the roof, when you could get it. A third of your paycheck went for transportation to a job. If you lived up north your heating bills were huge. So don't blame me for your lame, lazy life. Get off your ass and work for it.

[@klppdc]

US media lies to Americans that’s it’s best country. But it’s just a giant business which squeezes working class people. Need an alternate system.

[@danieldroukis5431]

Well that should tell you how much that graduate degree is worth

[@DrRock2009]

Paying for healthcare is not something a 21st Century society should be doing...

[@snakechrmr6398]

I can't think of a developed country in the world that doesn't charge citizens for healthcare.

[@Smokeless1167]

@@snakechrmr6398 This is why food and alcohol is so expensive in some European countries.

[@europeon2wheels89]

@@Smokeless1167 I know, right. In Europe I pay $8.10 for a large freshly cooked pizza delivered to the house. Tipping not normal in this society. And $8.83 for a calamari and spinach plate at a restaurant. And, holy moly, $4.04 for a double Jack Daniels/rocks at a bar. Let's face it, prices are out of control. Of course I could eat for less if I ate and drank cheaper stuff like 10 Chivapci cooked fresh at the grocery store for take home after purchase for $2.21. OUTRAGEOUS!

[@larrystorey5857]

So, selling used clothes was not a good career choice?

[@oc4515]

Larry Storey it’s not the career choice. It’s his lack of budgeting and discipline. With sacrifice he could probably save 500 dollars a month and max out his Roth IRA each year. He could drive Uber 1 day on a weekend for about 4 or 5 hours and come up with that amount for sure. He’s not thinking and will regret it sooner or later.

[@Juan_Hernandez_Jr.]

You've got it all wrong. Getting student loans to go to college, to then sell used clothes was not a good career choice. Hahahaha.......

[@jorgeaparicio3965]

I have a friend that has managed to accrue 3 pensions. 20 years in military, then worked 10 years in a state job. Third pension will be from Ralph's. My wife will have a small pension from her 30+ years as a mail carrier. Yet, MOST of us have no pension. Think ahead! Do your best to accrue several pensions! Your older self will thank you!!!!!!!!!!!!

[@jorgeaparicio3965]

Any job will suffice. Don't believe me? Check out KZbin video of "parking lot millionaire" Even minimum wage can get you there!

[@MySensualWorld]

@@jorgeaparicio3965 People should not have to live in aparking lot to be a millionaire, there are not many of those, and usually people would have to have college degrees and a good or very good job. Many people in parking lots have no job, or low wage job. And people should not have to live there whole life just working and living in parking lots, idiot. To just have a few years in there 70s and 80s with a million, or most likely for nearly all, much less.

[@jarred333Boss]

wow

[@sniferlip]

Until Americans start voting for a progressive Congress, we're never going to have security in our old age. When your salary pays for bills only, you are the working poor, therefore we are all poor

[@MegaBuyer]

To Quote JR Ewing... "No one went bankrupt underestimating the intelligence of the American people." We need a forced retirement savings to help the multitude of stupid people. Yeah... I'm talking about YOU! Save for retirement, please!

[@Juan_Hernandez_Jr.]

Nah! Don't force them. Let them continue to try and keep up with the "Joneses" and not save.

[@garygerard4290]

cut back on your spending I can't if you lost your job tomorrow you would you can't tell me how to live, I'm an American you won't hear another peep outta me

[@dc76384]

OMG!!! We should get the federal government involved. 🙄

[@orion3706]

We did. Its called Social Security. Unfortunately for many people, that is their retirement plan.

[@rillawhat8142]

Priority # 1: SAVE every cent you can. Priority # 2: Invest in assets ( rental properties, etc..) Priority # 3: Repeat and scale-up! END RESULT: A house on the 🌴 beach and NO financial worries!!

[@travis7091]

the problem isn't pensions being a thing of the past, the problem is personal responsibility being a thing of the past, very simple spend less than you make and invest the difference, doesn't even require a H.S. education to understand, just basic math, come on America stop whining and grow up, you can't have everything you want and expect to retire a millionaire

[@amifutru2936]

You know you could work for 40 years to have $1M in your retirement, meanwhile some people are putting thousand of in investment now they are multimillionaires.

[@danielfacciolli5173]

I’m no longer waiting for the GRANT LOAN because I earn $48,700 every 10 days recently

[@leszekaraszkiewicz734]

I have heard a lot about investments with expert Mrs Jane Morgan and how good she is , please how safe are the profits?

[@ezrathompson3190]

Woooo that woman , her good work has been everywhere. Been seeing a lot of good comments about her on several places. I feel more confident investing with her

[@BryantKimbrough]

It’s four months now I started investing with her and it has been a good experience

[@glensimon9183]

Please do you mind sharing any means of reaching out to her easily? I’m really interested and I believe this is genuine.

[@joedirte716]

What did this clown need student loans for?

[@jimboinsa]

Wonder what kind of "studies" degree he has.